Over 51,000 new companies became members of Dubai Chamber of Commerce during Q1-Q3 2024, representing year-over-year growth of 4%

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced details of its key achievements during the first nine months of 2024. The chamber’s notable milestones reflect its success in enhancing the emirate’s favourable business environment, driving economic growth, and contributing to the goals of the Dubai Economic Agenda (D33).

A total of 51,561 new companies joined as members of the chamber during the first nine months of 2024, representing year-over-year (YoY) growth of 4% compared to the same period last year. The figures reflect Dubai’s increasing appeal among regional and global investors.

The value of members’ exports and re-exports during Q1-Q3 2024 reached AED 224 billion, representing YoY growth of 7%. A total of 578, 268 certificates of origin were issued during the nine-month period, also reflecting YoY growth of 7%. In addition, 3,259 ATA Carnets were issued and received for goods with a combined value of more than AED 2 billion.

His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dubai is continuing to cement its position as a leading global hub for trade and investments, while enhancing the competitiveness of its business-friendly environment to attract foreign direct investment.”

His Excellency added: “We are committed to doubling our efforts to support Dubai’s sustainable economic development journey in collaboration with partners from the public and private sectors. The chamber remains dedicated to promoting business growth, safeguarding the interests of the business community, attracting foreign direct investment, and creating more opportunities for companies operating in the emirate to expand and achieve sustainable grow both locally and internationally.”

Supporting the Business Community

Dubai Chamber of Commerce reviewed 154 laws and draft laws in cooperation with Business Groups during Q1-Q3 2024, with the resulting recommendations achieving an adoption rate of 46%. A total of 146 meetings were held with Business Groups and Business Councils during this period including Annual General meetings. The chamber also facilitated 69 meetings between Business Groups and Councils and key government entities and established seven new Business Councils representing the interests of investors from Costa Rica, Greece, Poland, Mexico, Colombia, Kazakhstan, and Georgia.

In addition, the chamber received 131 mediation cases during Q1-Q3 2024, representing YoY growth of 27% compared to the 103 cases received in the same period last year.

Advancing Sustainability

To promote corporate sustainability, Dubai Chamber of Commerce launched a new Environmental, Social, and Governance (ESG) label during the first nine months of this year. Developed by the chamber’s Center for Responsible Business, is designed to help organisations evaluate their ESG readiness and maturity levels and promote sustainable business growth.

Enhancing Legal Awareness

As part of its efforts to raise awareness among companies regarding updates on business-related laws and regulations, Dubai Chamber of Commerce organised 27 legal events during the first nine months of this year. The events, which were attended by 2,111 representatives from private sector companies across diverse industries, sought to ensure compliance with regulations governing the business landscape and promote the adoption of best practices.

Supporting Competitiveness of Family Businesses

The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, increased its efforts to support the sustainability, competitiveness, and continuity of family businesses. During the first nine months of this year, the centre organised four events as part of its governance series that were attended by 201 participants. The sessions covered key topics including succession planning models and strategies; the use of waqf, foundations, and trusts in in family businesses; the importance of governance; and the role of women in enhancing the sustainability of family businesses.

The centre also issued four informative toolkits on family offices, family charters, family business foundations, and corporate governance for family businesses. 31 participants graduated from the first cohort of the Dubai Family Business Management Programme, and 10 participants were certified through the centre’s advisor certification programmes.

In addition, 38 participants from the first and second cohorts of the Next-Gen Family Businesses Training Programme received training. The centre also launched an online library containing around 2,000 diverse educational resources, including videos, webinars, articles, podcasts, and research reports designed specifically for family businesses.